Artykuły w czasopismach: „Bonds (Government)”

1

Pawłowski, Maciej. "Green government bonds". Ekonomiczne Problemy Usług 129 (2017): 219–27. http://dx.doi.org/10.18276/epu.2017.129-18.

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Pawłowski, Maciej. "Green government bonds". Ekonomiczne Problemy Usług 129 (2018): 219–27. http://dx.doi.org/10.18276/epu.2018.129-18.

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Adhitia, Rezki, i Adler Haymans Manurung. "Analysis of Indonesia Bond’s Duration: Corporate Versus Government Bond". Journal of Applied Finance & Accounting 1, nr 2 (28.06.2009): 328–38. http://dx.doi.org/10.21512/jafa.v1i2.129.

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The duration of a bond is a measure of its interest rate risk. The objective of this research is to test whether corporate bond duration is higher compare to government bonds. The higher duration mean that bond’s price is more affected to the change in its yield. Effective Duration and Modified Duration Approaches are used to calculate the duration. The sample used is bonds that traded in Indonesia Stock Exchange. The result shows that there is no enough evidence that Indonesia corporate bonds duration is higher compare to government bonds. The implication for this is that there is no difference in interest rate risk between corporate bonds and government bonds.

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Bank,, Matthias, Alexander Kupfer, i Rupert Sendlhofer. "Performance-Sensitive Government Bonds". Credit and Capital Markets – Kredit und Kapital 47, nr 1 (marzec 2014): 79–101. http://dx.doi.org/10.3790/ccm.47.1.79.

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Feng, Xingyuan. "Local Government Debt and Municipal Bonds in China: Problems and a Framework of Rules". Copenhagen Journal of Asian Studies 31, nr 2 (23.05.2014): 23–53. http://dx.doi.org/10.22439/cjas.v31i2.4332.

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Local governments in China are facing heavy debt burdens, a low level of fiscal transparency and a lack of constraints by local democracy. Since 2008, local government debts have skyrocketed. This article analyses the current state and features of local government debts and the two kinds of 'quasi municipal bonds' in China—urban investment bonds and local government bonds—along with their problems and risks. It examines the risks connected with local government debts and these bonds from the perspectives of public finance and political economy. It concludes with a discussion of a framework of rules for local government debt financing, especially for the issuance of municipal bonds in China.

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Khurria, Arima. "Mengapa Pemerintah Daerah Belum Berhasil Menerbitkan Obligasi Daerah". Jurnal Syntax Admiration 4, nr 5 (25.05.2023): 594–611. http://dx.doi.org/10.46799/jsa.v4i5.595.

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Regional bonds are an alternative to infrastructure development financing that needs to be utilized by regional governments. Even though there are still pros and cons regarding regional bonds, regional bonds are still seen as a good and rational financing option. However, until now, no Regional Government has issued regional bonds. The factors that hinder the issuance of regional bonds in Indonesia include obstacles to the readiness of local governments (constraints on the readiness of human resources, the absence of a regional bond management unit, and the absence of regional regulations), regulatory constraints (fragmented regulations, procedures for issuing regional bonds complicated regulations and complex regional bond issuance requirements), political constraints (the existence of an in-principle permit from the DPRD and limited terms of office for Regional Heads and DPRDs), transparency constraints, negative perceptions of debt, local government reluctance to take on debt, and a lack of understanding about bonds area. To overcome these various obstacles, the following factors can encourage the issuance of regional bonds, as encouraging the issuance of regional bonds, including increasing the capacity of local government human resources, improving regulations (a comprehensive regulatory framework), and simplifying issuance procedures and requirements for regional bonds), disclosure, and provision of support by the central government.

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Xie, Mingyan. "The Influence of Implicit Guarantee on the Yield Spread of China’s Quasi-municipal Bond". Highlights in Business, Economics and Management 10 (9.05.2023): 57–64. http://dx.doi.org/10.54097/hbem.v10i.7931.

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Local government debts are an important part of the bond market. This paper mainly investigates the risk that the implicit guarantee brings to the market of quasi-municipal bonds. The implicit guarantee comes from local government financing vehicles (LGFVs), which are the finance entities for the local government, issue quasi-municipal bonds. Because people are potentially thought these bonds are guaranteed by the local government, the funding cost of quasi-municipal bonds is lower than other bonds. However, some local government's ability to pay back the investors' money is weak which causes some high-rated quasi-municipal bonds to default and triggers many defaults, which, along with the local government's mounting debt, may make investors more concerned about its capacity to repay the loan in the event of default. Therefore, China's central government then issues some policies to reduce the effectiveness of implicit government guarantees, trying to make the quasi-municipal bonds turn to become more marketize and contain less guarantee. In this paper, the author initially tries to demonstrate that the implicit guarantee reduces the yield spread of quasi-municipal bonds. Then, the author argues that the issue of relevant policies lessens the implicit guarantee and increases the marketability of quasi-municipal corporate bonds. Lastly, the author tries to show that different administrative levels of LGFVs will affect the yield spread of the bond.

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Yanto, Edy Sudaryanto, i Ramlan Ramlan. "Analisis Pembiayaan Pembangunan Dengan Penerbitan Surat Utang (Obligasi) Daerah Studi Kasus Pada Pemerintah Kota Bogor". Jurnal Maneksi 13, nr 1 (28.03.2024): 35–47. http://dx.doi.org/10.31959/jm.v13i1.2089.

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ABSTRACT Law Number 23 of 2014 concerning Regional Government mandates that local governments play an important role in determining the success or failure of creating self-reliance, but in practice, local governments encounter limitations in funding sources. Most of the districts and cities depend heavily on the transfer funds provided by the Central Government to the regions, be it Revenue Sharing Funds (DBH), General Allocation Funds (DAU), and Special Allocation Funds (DAK). Another source of income is from the limited Regional Original Revenue (PAD). Bogor City Government is one of the cities in West Java Province that has been given authority by the center to carry out regional autonomy. By handing over this authority, of course, the government hopes that the Bogor City government can explore the potential of the region to finance its development to reduce dependence on the central government. This study aims to analyze the feasibility of the Bogor City government issuing regional bonds (bonds) to finance its construction. This study used a descriptive qualitative research design with an analytical approach. From the analysis of financing through the issuance of regional bonds (bonds) which cover 3 (three) aspects namely legal, organizational, and financial, the Bogor City government has a score of 75% meaning that it is feasible to issue regional bonds (bonds). infrastructure.

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Prokopovic, Tijana, Maja Mladenovic i Milos Mihajlovic. "Municipal bonds by local government". Ekonomika 62, nr 4 (2016): 175–82. http://dx.doi.org/10.5937/ekonomika1604175p.

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Kan, Kamhon. "Credit spreads on government bonds". Applied Financial Economics 8, nr 3 (czerwiec 1998): 301–13. http://dx.doi.org/10.1080/096031098333050.

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Chen, MingJing, i ZhongZhuoFei Tan. "On the Benefits and Problems of the Offshore RMB Bonds in Hong Kong and Macao Issued by Local Goverments in China". Humanistic and Social Seekers 2, nr 1 (25.02.2024): 8–17. http://dx.doi.org/10.61206/hass2024020002.

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Offshore RMB bonds, as an important component of China's financial market construction and opening-up, have received attention and research from multiple parties. At present, the governments of Guangdong Province, Shenzhen Municipality, and Hainan Province in China have issued offshore RMB bonds in Hong Kong and Macao. These bonds can broaden the government's offshore financing channels, facilitate government participation in offshore RMB transactions, and promote the development of RMB internationalization. At the same time, as the issuance of offshore RMB bonds is still in the exploratory stage and there are still certain problems, it is necessary for the central and local governments to work together to improve specific policy measures for offshore RMB bonds, optimize cross-border issuance processes, and prepare emergency plans for bond repayment, in order to make the offshore RMB bond market legal, compliant, and thriving.

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Onji, Kazuki, Keigo Kameda i Nobuo Akai. "Preestablished harmony: The Japanese government's demand for Japanese government bonds". Japan and the World Economy 24, nr 3 (sierpień 2012): 207–14. http://dx.doi.org/10.1016/j.japwor.2012.03.001.

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Suzart, Janilson Antonio da Silva, i Ariovaldo Dos Santos. "The Predictive Value of Government Accounting Information and the Secondary Brazilian Bond Market". International Business Research 9, nr 4 (5.03.2016): 31. http://dx.doi.org/10.5539/ibr.v9n4p31.

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<p>The international literature highlights evidence on the predictive ability of government accounting information in relation to bond markets, especially for sub-national governments’ bonds. However, there is little evidence in the literature about the role of accounting information from national governments. Having observed this gap, we aimed to identify how strongly the government accounting information affects the pricing of the government bonds issued by the Brazilian Federal Government and traded in the secondary market. In this research, we analyzed the transactions carried out without the direct participation of the federal government. The predictive ability of the accounting information of the Brazilian federal government was verified for the period from 2003 to 2012 on a monthly basis. Following the value relevance approach, we developed price and return models for the bond National Treasury Bills, Single Series. After analyzing the presence of unit roots in the price and return series, we estimated regressions using the ordinary least squares method. We showed that the accounting information of the Brazilian federal government has predictive ability regarding the pricing of bonds traded in the secondary market. However, this does not mean that the government accounting information is fully and directly used by investors, but rather that such information is intended as a proxy for information reviewed by investors when negotiating such bonds, these investors being considered as limited rational agents.</p>

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Dewi Kasih, Desak Putu, i Ni Putu Purwanti. "Obligasi Daerah Dalam Kerangka Hukum Keuangan Negara". Acta Comitas 3, nr 2 (2.10.2018): 386. http://dx.doi.org/10.24843/ac.2018.v03.i02.p14.

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Bonds are long-term debt securities issued by companies or governments with a nominal value and a certain maturity period and are a type of long-term investment for investors, but for the government as the issuer of bonds is a debt that must be returned. The obligation to return the said debt creates uncertainty for investors if it considers the provisions of Article 49 Paragraph (4) of Law Number 1 of 2004 concerning State Treasury which stipulates that state / regional property is prohibited from being handed over to other parties as payment for bills to the central government /area. The purpose of this paper is to analyze and harmonize the provisions governing Municipal Bonds to achieve legal certainty. The discussion of this article uses a type of normative research, given the inconsistencies in the regulation of the issuance of municipal bonds which creates legal uncertainty in the community. The results obtained include the construction of regulation of regional bonds within the regional financial framework, both internally and externally. Furthermore, the regulation can provide legal protection to investors with a regulation that confirms the obligation of regional governments to settle obligations towards regional bond investors. Thus it can be concluded, the Normative Construction of regulation of regional bonds consists of general laws and regulations that are specific in nature, general arrangements are constructed as provisions that provide the basis for the legality of regulating regional bonds and the norms for regulating special regional bonds containing the technical requirements for issuing bonds in the form of provisions concerning requirements and procedures and legal protection for regional bond investors, law enforcement can be applied in the case of claims for compensation and the government's obligation to repay bonds issued, special provisions governing bonds.

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Fatmawatie, Naning, Endri Endri i Destyanah Husein. "Macroeconomic factors and government bond yield in Indonesia". Public and Municipal Finance 13, nr 1 (7.06.2024): 95–105. http://dx.doi.org/10.21511/pmf.13(1).2024.08.

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The issuance of bonds by the government attracts the interest of many investors, including foreigners. The government must understand the factors determining bond yields for managing government debt. This study aims to investigate the effect of domestic and global macroeconomic variables on government bond yields in Indonesia. The paper uses monthly data from November 2014 to December 2022. The research sample comprises government bonds with 5, 10, and 15-year tenor bonds. The GARCH (1,1) and GARCH-M (1,1) models are applied to estimate and analyze the determinants of government bond yields. Research findings reveal that Indonesian interest rates significantly affect the yield of 10- and 15-year tenor bonds. Inflation has no impact on bond yields across all tenors. The increase in foreign exchange reserves reduces bond yields in all tenors. The Indonesian stock exchange index is detrimental to long-term bond yields. The exchange rate has a positive impact on bond yields in all tenors. World oil prices significantly impact yields on 5- and 10-year tenor bonds. The Fed’s interest rate positively affects the yield on the 15-year tenor bond. The implication of these findings for the Indonesian government is the implementation of several aspects of economic and financial policies that can improve state debt management and financial market stability.

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16

Qiao, Rui, i Bin Tang. "Research on the Risk of Local Government Special Debt Based on KMV Model: Taking A Province as an Example". Journal of Economics and Public Finance 10, nr 1 (11.01.2024): p52. http://dx.doi.org/10.22158/jepf.v10n1p52.

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Since 2015, the issuance of special bonds by local governments has experienced rapid growth. Special bonds have played a constructive role in stimulating fixed asset investment and infrastructure development, emerging as a pivotal financing mechanism for local governments. This study takes A province as a case study, compiling data on its bond issuance and employing the KMV model to calculate the anticipated default probability and overall default risk of A province's special bonds during 2023-2025. Furthermore, a comparative analysis is conducted with neighboring provinces such as C and B. The findings indicate that A province's government debt risk is generally manageable; however, there exists some level of default risk associated with special bonds. It should be noted that when considering refinancing bond issuance, the repayment of principal and interest on local government special bonds heavily relies on these refinancing instruments, temporarily reducing but not eliminating default risk. Finally, based on empirical analysis results, several policy recommendations are proposed to address the risks posed by local government debt.

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17

Norregaard, John. "The Tax Treatment of Government Bonds". IMF Working Papers 97, nr 25 (1997): 1. http://dx.doi.org/10.5089/9781451844221.001.

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Zhang, Ran, Yifei Li i Yuan Tian. "Corporate bonds with implicit government guarantees". Pacific-Basin Finance Journal 71 (luty 2022): 101697. http://dx.doi.org/10.1016/j.pacfin.2021.101697.

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Codogno, L., C. Favero i A. Missale. "Yield spreads on EMU government bonds". Economic Policy 18, nr 37 (1.10.2003): 503–32. http://dx.doi.org/10.1111/1468-0327.00114_1.

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Akai, Nobuo. "Ricardian equivalence for local government bonds". Economics Letters 44, nr 1-2 (styczeń 1994): 191–95. http://dx.doi.org/10.1016/0165-1765(93)00321-e.

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Calabrese, Thad D., i Todd L. Ely. "Pension Obligation Bonds and Government Spending". Public Budgeting & Finance 33, nr 4 (24.11.2013): 43–65. http://dx.doi.org/10.1111/j.1540-5850.2013.12022.x.

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Ji, Hongdan. "Does the Underwriter Reputation Affect the Pricing of Local Government Bonds in China?" International Business Research 13, nr 7 (4.06.2020): 45. http://dx.doi.org/10.5539/ibr.v13n7p45.

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As the product of the combination of fiscal and financial, local government bonds should also follow the pricing mechanism of the securities market even under the special financial system in China. This paper uses Heckman's two-stage model to investigate whether the mechanism of underwriter reputation affects the pricing of local government bonds. The empirical results show that local governments tend to choose securities company underwriters with high reputation when they issue bonds with large scale, long maturity, and call right which have high degree of information asymmetry, and this tendency has an obvious time trend. However, high-reputation securities company underwriters failed to play the role of information intermediary to reduce the cost of local governments. On the contrary, implicit guarantees and government interventions induced the commercial banks to depress their quotations even leading to “interest rate upside down”, which resulted in the lack of securities company underwriters. In order to play the mechanism of underwriter reputation to promote the marketization of local government bonds pricing, this paper proposes to eliminate government interference, guide underwriters to strengthen the construction of their reputation, promote the marketization of underwriting fees and strengthen the supervision of underwriters.

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23

Miller, David S. "A Monetary-Fiscal Theory of Sudden Inflations and Currency Crises". Finance and Economics Discussion Series 2021, nr 056 (24.08.2021): 1–25. http://dx.doi.org/10.17016/feds.2021.057.

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Treating nominal government bonds like other bonds leads to a new theory of sudden inflations and currency crises. Holmstrom (2015) and Gorton (2017) describe bonds as having costly-to-investigate opaque backing that consumers believe is sufficient for repayment. Government bonds' nominal return is their face value, their real return is determined by the government's surplus. In normal times, consumers are confident of repayment but ignorant of the true surpluses that will fund that repayment. When consumers' belief in real repayment wavers, they investigate surpluses. If consumers learn surpluses will be insufficient to repay bonds in real terms, the price level jumps. This explains why we observe inflationary crises, but never deflationary.

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He, Zhiguo, Arvind Krishnamurthy i Konstantin Milbradt. "What Makes US Government Bonds Safe Assets?" American Economic Review 106, nr 5 (1.05.2016): 519–23. http://dx.doi.org/10.1257/aer.p20161109.

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US government bonds are considered to be the world's safe store of value, especially during periods of economic turmoil such as the events of 2008. But what makes US government bonds “safe assets”? We highlight coordination among investors, and build a model in which two countries with heterogeneous sizes issue bonds that may be chosen as safe asset. Our model illustrates the benefit of a large absolute debt size as safe asset investors have “nowhere else to go” in equilibrium, and the large country's bonds are chosen as the safe asset. Moreover, the effect becomes stronger in crisis periods.

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He, Ling T., James R. Webb i Neil Myer. "International Real Estate Review". International Real Estate Review 6, nr 1 (30.06.2003): 1–21. http://dx.doi.org/10.53383/100043.

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In order to identify effective interest rate proxies for equity and mortgage REITs, this study analyzes seven different interest rate proxies that have been widely used in the REIT literature. They are the monthly holding period returns on long-term U.S. government bonds and high-grade corporate bonds, the percentage changes in yields for long-term U.S. government bonds and high-yield (Baa) corporate bonds, the difference between returns on long-term U.S. government bonds and T-bill rates, the spread between yields on high-yield (Baa) corporate bonds and returns on long-term U.S. government bonds, and the spread between returns on high-grade corporate bonds and returns on long-term U.S. government bonds. The overall OLS results suggest that mortgage REITs are sensitive to all proxies, while equity REITs are significantly affected by only changes in yields on long-term U.S. government bonds and high-yield corporate bonds. The time variation paths for sensitivities indicate that all interest rate sensitivities are time specific. Overall, the changes in yields on high-yield corporate bonds (Baa) has the strongest explanatory power for returns of equity and mortgage REITs for most of the 27-year sample period (1972 through 1998).

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Ratna Wulandari, Ulil Farrohah i Sumriyah Sumriyah. "Penerbitan Obligasi Negara Sebagai Alternatif Pendanaan Defisit APBN Indonesia". Jurnal Riset Rumpun Ilmu Sosial, Politik dan Humaniora 2, nr 2 (30.05.2023): 18–29. http://dx.doi.org/10.55606/jurrish.v2i2.1249.

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Deficit funding for the State Revenue and Expenditure Budget (APBN) is an important challenge for the government in maintaining fiscal stability and supporting development policies. In order to find an effective funding alternative, the issuance of state bonds has become an option. This study aims to analyze the position of issuing state bonds as an alternative to funding the state budget deficit. This study uses a descriptive-analytical approach by collecting data from various related sources. The analysis was carried out through a literature review, data from the Indonesian Ministry of Finance, and regulations regarding the issuance of Government Bonds. The results of the study show that the issuance of state bonds has several benefits as an alternative to financing the state budget deficit, namely diversifying government funding sources, reducing dependence on tax revenues and other income, providing flexibility in the schedule of interest and principal payments, in accordance with the government's financial capacity, attracting investor participation. institutional and retail, increasing financial market liquidity. APBN Deficit Funding is dominated by State Bonds, which of course the issuance of state bonds as an instrument for funding the APBN deficit makes fiscal space narrow. When the space for fiscal movement becomes limited, it means that the government faces limitations in collecting revenue or in managing government spending.

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Rahmayati, Anim. "Shariah Bond as Financial Instrument For Local Government". Signifikan: Jurnal Ilmu Ekonomi 5, nr 1 (8.04.2016): 83–98. http://dx.doi.org/10.15408/sjie.v5i1.3126.

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This study aims to analyse the potential of sharia bonds in the region as an alternative to local financing. This research is a kind of literary descriptive qualitative research using SWOT analysis. The results of this study indicate that in the area of sharia bonds is an alternative worth considering regional funding compared to other funding. Support policy, very large financing needs for region infrastructure development, the market potential in the area of sharia bonds is an opportunity for local governments in Indonesia to immediately issue sharia bonds in the area.DOI: 10.15408/sjie.v5i1.3126

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AKRAM, TANWEER, i ANUPAM DAS. "AUSTRALIAN GOVERNMENT BONDS’ NOMINAL YIELDS: A KEYNESIAN PERSPECTIVE". Annals of Financial Economics 15, nr 01 (marzec 2020): 2050003. http://dx.doi.org/10.1142/s2010495220500037.

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This paper empirically models the dynamics of Australian government bonds’ nominal yields using the autoregressive distributed lag (ARDL) approach. Keynes held that the central bank exerts a decisive influence on government bond yields because the central bank’s policy rate and other monetary policy actions determine the short-term interest rate, which in turn affects long-term government bonds’ nominal yields. The estimated models show that the short-term interest rate is the main driver of Australian government bonds’ nominal yields. These results imply that Keynes’s conjecture applies in the case of Australian government bonds’ nominal yields. Furthermore, the effect of the budget balance ratio on government bond yields is small though statistically significant. There is no statistically discernable effect of the debt ratio on government bond yields.

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Tsonkova, Vanya. "SOVEREIGN SUSTAINABLE BOND MARKET – POSITIONING AND EFFECTS". ENVIRONMENT. TECHNOLOGIES. RESOURCES. Proceedings of the International Scientific and Practical Conference 1 (22.06.2024): 388–92. http://dx.doi.org/10.17770/etr2024vol1.7945.

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The sustainable bond market emerges in 2007-2008 but significantly impacts capital markets after 2015. It can be argued that one of the reasons for its development is due to the issuances from supranational financial institutions, governments, and other public sector organizations. This article focuses on sovereign bonds issued for sustainable development, covering four main themes: green bonds, social bonds, sustainability bonds, and sustainability-linked bonds. Using methods of descriptive statistics, analysis of variance and correlation-regression analysis, the article examines the position of sovereign bonds in the sustainable bond market and the achieved outcomes in the environmental and social spheres in issuing countries. The application of the methodology reveals an increasing share of sovereign bonds in the sustainable debt segment, along with a statistically significant relationship between thematic sovereign bond issues and the overall volume of thematic debt. Positive changes in the indices measuring the sustainable development of the countries suggest a policy of increasing the relative share of government securities with a thematic focus in the overall government debt market.

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Inoguchi, Masahiro. "Influence of ADB Bond Issues and US Bonds on Asian Government Bonds*". Asian Economic Journal 21, nr 4 (2.01.2008): 387–404. http://dx.doi.org/10.1111/j.1467-8381.2007.00263.x.

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Bell, Stephanie. "Do Taxes and Bonds Finance Government Spending?" Journal of Economic Issues 34, nr 3 (wrzesień 2000): 603–20. http://dx.doi.org/10.1080/00213624.2000.11506296.

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Gava, Jérôme, William Lefebvre i Julien Turc. "Beyond Carry and Momentum in Government Bonds". Journal of Fixed Income 29, nr 4 (24.01.2020): 48–74. http://dx.doi.org/10.3905/jfi.2020.1.085.

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Carfì, David, i Francesco Musolino. "Game theory and speculation on government bonds". Economic Modelling 29, nr 6 (listopad 2012): 2417–26. http://dx.doi.org/10.1016/j.econmod.2012.06.037.

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Rao Aiyagari, S., i Mark Gertler. "The backing of government bonds and monetarism". Journal of Monetary Economics 16, nr 1 (lipiec 1985): 19–44. http://dx.doi.org/10.1016/0304-3932(85)90004-2.

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Faraglia, Elisa, Albert Marcet, Rigas Oikonomou i Andrew Scott. "Government Debt Management: The Long and the Short of It". Review of Economic Studies 86, nr 6 (17.10.2018): 2554–604. http://dx.doi.org/10.1093/restud/rdy061.

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Abstract Standard optimal Debt Management (DM) models prescribe a dominant role for long bonds and advocate against issuing short bonds. They require very large positions in order to complete markets and assume each period that governments repurchase all outstanding bonds and reissue (r/r) new ones. These features of DM are inconsistent with U.S. data. We introduce incomplete markets via small transaction costs which serves to make optimal DM more closely resemble the data : r/r are negligible, short bond issuance substantial and persistent and short and long bonds positively co-vary. Intuitively, long bonds help smooth taxes over states and short bonds over time. Solving incomplete market models with multiple assets is challenging so a further contribution of this article is introducing a novel computational method to find global solutions.

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Koroleva, Ekaterina, i Maxim Kopeykin. "Understanding of Macro Factors That Affect Yield of Government Bonds". Risks 10, nr 8 (18.08.2022): 166. http://dx.doi.org/10.3390/risks10080166.

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Government bonds are one of the safest and most attractive instruments in the investment portfolio for private investors and investment funds. Although bonds are perceived as an alternative to bank deposits, a number of macroeconomic factors influence their yield. The goal of the research is to investigate the relationship between macroeconomic factors and the yield of government bonds. We use regression models on a dataset of 22 countries with post-industrial economics for ten years. The main criteria for selecting countries are membership in the Organization for Economic Cooperation and Development and inclusion in the Top-25 countries on the competitiveness index. The results revealed a negative association between the yield of government bonds and gold. Moreover, we indicate a positive association between the yield of government bonds and the following indicators—inflation, oil prices, and GDP per capita. In the case of the influence of population savings and the uncertainty index, we obtain inconclusive results. The study contributes to ongoing research in the field of financial management with respect to investigating determinants of the yield of government bonds.

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Song, Hyungsang, i Joonhee Rhee. "The Integrity Effect on Municipal Bonds". Journal of Derivatives and Quantitative Studies 23, nr 4 (30.11.2015): 597–619. http://dx.doi.org/10.1108/jdqs-04-2015-b0005.

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We study whether the integrity of local governments has effects on municipal bond coupon rate. We conjecture that higher integrity is associated with lower bond coupon rate. One of proxies for the integrity is the integrity index which Anti-Corruption and Civil Rights Commission of Korea announces annually. The high degree of the index implies high integrity. We also use the number of crimes by local government officials as the integrity measure. Empirical results show that Increasing a unit of integrity is equivalent to decreasing 0.34% of municipal coupon bond. The sensitivity of the integrity to municipal bond coupon rate is stronger before 2007-2008 financial crisis, when the coupon rate was higher, than after the crisis. Overall, our results imply that local governments could save financing cost by improving the integrity of the governments.

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Nitasari, Desi. "Pengaruh Suku Bunga Deposito, Nilai Tukar dan Inflasi Terhadap Harga Obligasi Pemerintah yang Terdaftar di Bursa Efek Indonesia Periode 2011-2017". Permana : Jurnal Perpajakan, Manajemen, dan Akuntansi 10, nr 1 (28.02.2018): 1–20. http://dx.doi.org/10.24905/permana.v10i1.61.

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The purpose of this study is to 1). To know the effect of deposit interest rate on government bond price, 2). To know the effect of exchange rate on the price of government bonds, 3) To know the effect of inflation on the price of government bonds, 4). To know the effect of deposit interest rate, exchange rate, and inflation simultaneously to government bonds. The method used in this study is multiple regression. While the data analysis methods used are classical assumption test, simple linear regression analysis, test of simple linear regression coefficient, multiple linear regression analysis, multiple linear regression coefficient test, coefficient of determination analysis. Based on the results of simple regression analysis analysis of deposit interest rates on government bond prices obtained sig value. amounted to 0.342> 0.05, so it can be concluded that there is no effect of deposit rates on the price of government bonds listed on the Indonesia Stock Exchange period 2011-2017. From the results of simple regression analysis of the exchange rate against the price of government bonds obtained sig value. amounted to 0.060> 0.05, so it can be concluded that there is no effect of exchange rate on the price of government bonds listed on the Indonesia Stock Exchange period 2011 -2017. From the results of simple regression analysis of inflation analysis on the price of government bonds obtained sig value. amounted to 0.046 <0.05, so it can be concluded that there is inflationary influence on the price of government bonds listed on the Indonesia Stock Exchange period 20112017. From the results of simultaneous testing known significance value of 0.047. Because the probability value of sig nificance of 0,047 <0,05 can be interpreted that there is influence of deposit interest rate, exchange rate, and inflation simultaneously to government bond price listed in Bursa Efek Indonesia period 2011-2017.

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Cantore, Cristiano, Paul Levine, Giovanni Melina i Joseph Pearlman. "OPTIMAL FISCAL AND MONETARY POLICY, DEBT CRISIS, AND MANAGEMENT". Macroeconomic Dynamics 23, nr 3 (20.07.2017): 1166–204. http://dx.doi.org/10.1017/s1365100517000207.

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The initial government debt-to-gross domestic product (GDP) ratio and the government's commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GDP ratios, the optimal consolidation is very slow. A faster pace is optimal when the economy starts from a high level of public debt implying high sovereign risk premia, unless these are suppressed via a bailout by official creditors. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple monetary–fiscal rules with passive fiscal policy, designed for an environment with “normal shocks,” perform reasonably well in mimicking the Ramsey-optimal response to one-off government debt shocks. When the government can issue also long-term bonds—under commitment—the optimal debt consolidation pace is slower than in the case of short-term bonds only, and entails an increase in the ratio between long- and short-term bonds.

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Sihombing, Pardomuan, Edi Santoso i Dini Hariyanti. "Macroeconomic Variables Effect on 10-Year Tenor Government Bonds Yield". Research of Economics and Business 1, nr 2 (30.09.2023): 57–67. http://dx.doi.org/10.58777/reb.v1i2.83.

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This study aims to analyze the effect of macroeconomic conditions on the yield of 10-year government bonds. The macroeconomic indicators studied were the consumer price index, BI 7 days reverse repo rate, foreign exchange reserves, Indo CDS 5 years, and the Government Budget Deficit from January 2009 to December 2019. This research uses the Vector Error Correction Model (VECM) method because there is cointegration between variables, indicated by Trace Statistics and Max-Eigenvalue statistics, which are greater than Critical Value. The analysis results show that the Consumer Price Index (CPI) and the Government Budget Deficit positively influence the 10-year tenor government bond yield. In contrast, the 5-year Indo CDS, BI 7 days reverse repo rate, and Foreign Exchange Reserves negatively affect the 10-tenor government bond yield year. The policy implications for the yield of 10-year government bonds can be beneficial and useful for the government as the economic authority in issuing bonds, the regulator (Bank Indonesia), and helping investors to develop investment strategies in government bonds by continuously monitoring and predicting the direction of movement of these variables so that they can creating an optimal portfolio of government bonds.

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AKRAM, TANWEER, i ANUPAM DAS. "THE DYNAMICS OF GOVERNMENT BOND YIELDS IN THE EURO ZONE". Annals of Financial Economics 12, nr 03 (wrzesień 2017): 1750011. http://dx.doi.org/10.1142/s2010495217500117.

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This paper investigates the determinants of nominal yields of government bonds in the euro zone. The pooled mean group (PMG) technique of cointegration is applied on both monthly and quarterly datasets to examine the major drivers of nominal yields of long-term government bonds in a set of 11 euro zone countries. Furthermore, the autoregressive distributive lag (ARDL) methods are used to address the same question for individual countries. The results show that short-term interest rates are the most important determinants of long-term government bonds’ nominal yields. These results support Keynes’s view that short-term interest rates and other monetary policy measures have a decisive influence on long-term interest rates on government bonds.

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42

Badía, Guillermo, Vicente Pina i Lourdes Torres. "Financial Performance of Government Bond Portfolios Based on Environmental, Social and Governance Criteria". Sustainability 11, nr 9 (30.04.2019): 2514. http://dx.doi.org/10.3390/su11092514.

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We evaluated the financial performance of government bond portfolios formed according to socially responsible investment (SRI) criteria. We thus open a discussion on the financial performance of SRI for government bonds. Our sample includes 24 countries over the period of June 2006 to December 2017. Using various financial performance measures, the results suggest that high-rated government bonds, according to environmental, social, and governance (ESG) dimensions, outperform low-ranked bonds under any cut-off, although differences are not statistically significant. These findings suggest that ESG screenings can be used for government bonds without sacrificing financial performance.

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Abakah, Emmanuel Joel Aikins, Aviral Kumar Tiwari, Aarzoo Sharma i Dorika Jeremiah Mwamtambulo. "Extreme Connectedness between Green Bonds, Government Bonds, Corporate Bonds and Other Asset Classes: Insights for Portfolio Investors". Journal of Risk and Financial Management 15, nr 10 (18.10.2022): 477. http://dx.doi.org/10.3390/jrfm15100477.

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This paper aims to examine the connectedness between green and conventional assets, particularly during the period of economic downturn. Specifically, we examine quantile-based time-varying connectedness between the green bond market and other financial assets using quantile vector autoregression (QVAR) from 9 March 2018 to 10 March 2021. We use daily prices of S&P U.S. Treasury Bond Index, S&P US Aggregate Bond Index, S&P US Treasury Bond Current 10Y Index, S&P 500 Bond Index, S&P 500 Financials index, S&P 500 Energy Bond Index and S&P 500, giving a total of 784 observations, and using Composite Index as a representative of conventional assets classes and S&P Green Bond Index to denote the green bond market. Results shows the connectedness between green bonds and the conventional asset classes intensified during the outbreak of the Coronavirus pandemic (COVID-19) as investors shifted their investment towards fixed income assets due to the plunge in the prices of stocks and commodities. The results also shows that green bonds are strongly connected with treasury bonds, aggregate bonds and bond index, as they share similarities with respect to issuance, risk and governance. Connectedness is weak in the case of composite index and energy bond index, as their prices do not have substantial influence on the green bond market. The study highlights the hedging and diversification benefits of green bonds. We have several implications for portfolio managers, policy makers and researchers.

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Hu, Yuanfeng, Yixiang Tian i Luping Zhang. "Green Bond Pricing and Optimization Based on Carbon Emission Trading and Subsidies: From the Perspective of Externalities". Sustainability 15, nr 10 (22.05.2023): 8422. http://dx.doi.org/10.3390/su15108422.

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In this paper, we establish a model based on real options theory and fractional Brownian motion (FBM) with jumps to price green bonds, and thus alleviate the externalities of green bonds. We assume that the floating value of green bonds is linked to the carbon price. The carbon emission trading mechanism and government subsidy policy are introduced into this model, and the expression is derived from the stochastic differential utility framework based on the fast Fourier transform method. Based on the numerical analysis and the simulations, this paper analyzes when governments are facing financial and carbon emission constraints and how policymakers balance the allocation between carbon allowances and government subsidies to help green bonds reach the exogenous equilibrium price. Our results have implications in terms of optimizing the distribution of economic resources by the reasonable pricing of green bonds. It is in line with the current theme of global energy conservation and emission reduction, and also has certain guiding significance for the development of the carbon emission trading market.

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45

Olaniyan, Temitayo O., i Samuel O. Ekundayo. "Revisiting the growth effects of government bonds in the emerging capital market." Corporate Governance and Organizational Behavior Review 3, nr 1 (2019): 32–38. http://dx.doi.org/10.22495/cgobr_v3_i1_p3.

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We revisited the effects of government bonds for the growth on the Nigerian capital market. Utilising time-series data obtained from the Nigeria Stock Exchange (NSE) annual reports for the period from 2010 to 2017, this study through the Generalised Method of Moments (GMM) regression estimator found that the value and the number of listed government bonds’ positively and significantly affect capital market growth in Nigeria. Furthermore, low capitalisation of government bonds negatively affects the growth of the market. The null hypothesis of the Hansen J-statistics is accepted; hence this implies that the IVs used in the GMM model is valid. We concluded that government bonds have positive and significant effects on the growth of the Nigerian capital market, thus government bonds have made the NSE All-Share Index grow over the period under investigation. Following the findings from the study, it was recommended, inter alia, that there should be more issuance of government bonds to the public and further to enhance the efficiency of the capital markets, both primary and secondary, while the funds raised from the capital market through government issuance should be channelled towards Nigeria’s productive sectors to promote an all-inclusive growth in the Nigerian economy.

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46

Zedan, Khaled, Ghassan Daas i Yaqin Awwad. "Municipal bonds as a tool for financing capital investment in local government units in Palestine". Investment Management and Financial Innovations 17, nr 1 (26.03.2020): 213–26. http://dx.doi.org/10.21511/imfi.17(1).2020.19.

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Municipal bonds are an option available to many cities to raise long-term financing to finance the infrastructure projects. This study aims to develop and find local measures of creditworthiness that are suitable and applicable for local government units in Palestine. Different variables are recognized to see the effect on the issuance of municipal bonds, macroeconomic variables measured by revenues and expenditures per capita, cost of capital, and unemployment rate. Municipal status variables have subgroup variables of municipality size, financial reporting quality, outstanding debt, and financial distress. Various financial ratios, comparative and cross-sectional analysis, horizontal and vertical analysis were used. These ratios and analysis have been used to determine the municipal status variable. The results of the study were limited to the largest 11 sample municipalities; each is the central local government unit at the governorates and was not generalized for all municipalities in Palestine. The study found that macroeconomic and municipality status affects the issuance of municipal revenue bonds. Based on the study results, municipal bonds are highly recommended. Also, instructions from the Ministry of Local Government need to be established and to enforce municipalities about the declaration date of publishing audited financial statements.

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Atwood, T. J. "Implicit Taxes: Evidence from Taxable, AMT, and Tax-Exempt State and Local Government Bond Yields". Journal of the American Taxation Association 25, nr 1 (1.03.2003): 1–20. http://dx.doi.org/10.2308/jata.2003.25.1.1.

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Pretax yields of state and local government (SALG) bonds are examined for evidence of implicit taxes. The sample includes fully taxable bonds, alternative minimum tax (AMT) bonds (tax-exempt but a tax preference for alternative minimum tax purposes), and tax-exempt bonds (tax-exempt and not a tax preference for AMT purposes). The average risk-adjusted pretax yield on AMT bonds is higher than that of tax-exempt bonds and lower than that of taxable bonds. Implicit taxes are estimated at 25.23 to 29.68 percent for AMT bonds and 33.87 to 35.27 percent for tax-exempt bonds. Results indicate that asset prices are affected by the AMT system and that marginal investors in AMT bonds assess a positive probability (between 28 and 45 percent) of being subject to the AMT. Estimated implicit tax rates on longer-term tax-exempt bonds are higher when yields are compared to those of taxable SALG bonds rather than taxable U.S. Treasury securities.

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Tsuri, Masao. "Government Debts Under Volatile Price Changes: Simulation Analysis of Japanese Government Bonds". International Journal of Economic Policy Studies 9, nr 1 (styczeń 2014): 20–42. http://dx.doi.org/10.1007/bf03405752.

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Johnson, David. "Are government bonds net wealth? intertemporal optimization and the government budget constraint". Journal of Macroeconomics 8, nr 4 (wrzesień 1986): 435–53. http://dx.doi.org/10.1016/0164-0704(86)90089-3.

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Zhykharieva, Vlada. "Statistical Analysis of the Yield of Government Bonds Using Econometric Models: Macroeconomic and Investment Aspects". Modern Economics 37, nr 1 (20.03.2023): 45–53. http://dx.doi.org/10.31521/modecon.v37(2023)-07.

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Abstract. Introduction. The yield to maturity of government bonds changes over time and depends on a number of external and internal factors. In recent years, the gap between the yield to maturity of bonds of developed countries and countries with relatively low credit ratings has been increasing. Inflation and the level of central banks key rates are important factors that cause fluctuations in the yield of government securities. The yield of government bonds is affected by the terms to maturity. Taking into account the ratio of yield and risk, the longer the maturity of government bonds, the higher the yield should be. But in practice, this dependence can be different, especially in periods of financial crises. All of the above makes relevant the task of analyzing the variation of yield to maturity of government bonds of different countries at the current stage of economic development, as well as the dependence between yield to maturity and the level of inflation on the examples of certain countries and impact on the yield to maturity of government bonds of central bank key rates. The research used such scientific methods as analysis and synthesis of results, logical-analytical methods, methods of descriptive statistics and econometric models. Purpose. The purpose of the paper are improving the approach to the analysis of the yield to maturity of government bonds of various countries and the analysis of the influence of central bank rates on the level of yield to maturity of government bonds. Results. The yield to maturity of government bonds and the rates of central banks of different countries are analyzed. The inverse relationship between the terms to maturity and the level of yield to maturity of government bonds is shown on the examples of the USA and Ukraine. For different samples, taking into account the level of the credit rating of the countries, the analysis of average yield to maturity, dispersion, standard deviation, range of variation, coefficients of oscillation and variation was performed. A high positive correlation was found between the yield to maturity of government bonds and the level of central bank rates. A regression models analysis of the influence of central bank rates on the yield to maturity of government bonds was performed. The linear regression, logarithmic regression and polynomial regression models were constructed. The most qualitative model was chosen on the basis of the coefficient of determination. Conclusions. It was found that developed countries have low (in some countries in certain periods – negative) central bank rates and a low level of yield to maturity. Countries with low credit ratings have high central bank rates and much higher yields. The examples of the USA and Ukraine show an inverse relationship between the yield to maturity and terms to maturity, which indicates the discrepancy between the level of yield and the risk of government bonds in the conditions of financial crisis. A high coefficient of variation for the entire sample of countries indicates a significant dispersion of the data. The average yield to maturity is much higher for countries with relatively low credit ratings and high yield to maturity. The standard deviation differs by more than 8 times for countries with low credit rating, and the range of variation is more than 7 times. Oscillation coefficients and coefficients of variation are also significantly higher for countries with low credit ratings and high yield. All this indicates that for countries with a high credit rating and a low yield, the variation is smaller, the population is more homogeneous, and the average value is more reliable. The linear correlation coefficient indicates a sufficiently high positive correlation between the yield to maturity of government bonds and central bank rates. The results of the regression analysis show that, of all the considered models, the influence of the central bank interest rate on the yield to maturity of government bonds with a maturity of 10 years is best described by the polynomial regression model of the third degree, which has the maximum coefficient of determination. The practical value of the methodical approach to the analysis of the yield of government bonds is that it can be used to assess the influence of various factors on the yield of bonds, as well as to analyze the dynamics of the yield indicators of certain countries' bonds.

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